You don't need to load the file through Q3D Master unless "autoload" on a Q3D model is set to "No". This wasn't the case for your file.
Your parenting wasn't working because:
1. Your parenting actions were using "transform YES" and your objects weren't aligned since you had already rotated the ring, so you had parented the diamonds to an unaligned ring.
2. Your rings both use the model "l_diams.obj", so obviously they're both in the same spot when imported. Both models were l_diams.obj, and your Q3D master actions "loading the files" don't do anything as i mentioned. So really the problems DOES come from your work. There is no bug with Q3D Master.
Try to look at the "parenting actions" example, for an idea of what all the features the parenting system uses do, and some information.
There's no "crazy solutions" or "tricks" people need to look for, if they carefully work and try to understand what the functions they're using do. Your 3D background knowledge in something like MAX doesn't apply to game development i'm afraid, where corners have to constantly be cut to keep frame rates high, leading to different design choices in workflow. Getting used to a certain workflow is part of using any game engine you'll find, especially 3D ones. In any case im constantly working to improve things, and eventually there'll be a scene editor to make work like this simpler.
Heres a modified .capx solving your issue: https://dl.dropboxusercontent.com/u/829 ... rings.capx